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Dec 7, 2012
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state and local government debt will get downgraded. you are right,money managers have in their relationship with their clients agreements not to invest in bonds that have rates below a certain grade. they will have to divest downgrades. credit markets. the credit markets will ultimately adjust. the reality has not changed. you will see hedge funds and private equity firms, but that is the process. it will take time. between now and then, it will create a greater amount of turmoil. it is what this means. it means that we do not have the political will to nail this thing down. and we will not. until we are forced by the avalanche. we will go nowhere. >> if you want to preserve the entitlement, get us to balance. >> get us to sustainability. >> thank you, mr. chairman. my time has expired. >> i have one more question. i know we could be here a while if we had the time. i am grateful for the patience of witnesses. i was looking at the testimony and on page 8, he walks through the question of this balance of how you do the balance between c
state and local government debt will get downgraded. you are right,money managers have in their relationship with their clients agreements not to invest in bonds that have rates below a certain grade. they will have to divest downgrades. credit markets. the credit markets will ultimately adjust. the reality has not changed. you will see hedge funds and private equity firms, but that is the process. it will take time. between now and then, it will create a greater amount of turmoil. it is what...
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Dec 7, 2012
12/12
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the vat tax wouldn't hold government to a tighter belt. guest: if you eliminate all deductions, a lot people would not necessarily have to see their taxes go up if you also lower tax rates and you can make a simpler tax code. a lot people are in favor of that. on the other hand, a lot of people think that it is good to encourage home ownership. it is good to make sure that employers are providing health insurance and that is not being taxed, and if people are paying their state and local taxes, we should give them a break and not tax that. they're definitely reasons and rationales behind the biggest tax breaks. host: laura tweeted in, raise everyone's rates a little rather than some a lot. next call, carl from kansas, line for independents. caller: i think we need to quit worrying about the taxes and go for welfare reform. i know a lady here in kansas who has three kids. all her food, doctor bills, prescriptions -- she doesn't pay any taxes. how does she get money back? guest: if you are not working, you're not going to be paying payroll t
the vat tax wouldn't hold government to a tighter belt. guest: if you eliminate all deductions, a lot people would not necessarily have to see their taxes go up if you also lower tax rates and you can make a simpler tax code. a lot people are in favor of that. on the other hand, a lot of people think that it is good to encourage home ownership. it is good to make sure that employers are providing health insurance and that is not being taxed, and if people are paying their state and local taxes,...
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Dec 7, 2012
12/12
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government spending is above what it was before the recession. business investment, that area is what continues to lag. in your view, do you think raising taxes on the two marginal rates as well as capital gains dividends, does that encourage more business investment in the economy? >> the threat of those increases is a very big negative. mr. brady, one of the things economists use when they teach graduate classes is something called the handbook of public economics. you had to study that, too, mark. i know i did. one of the later editions, there is a chapter on how taxes effect business spending. we go into a very gory detail about how negative this can be. if the dividend tax is going to go up, a lot of firms would be hurt significantly by that. they would be paring back their capital spending in anticipation of higher taxes in the future. businesses will look to the future when they decide what they're going to do. they are not investing. you see it's in the investment data. it is why this recovery has been so slow. businesses have a lot of ca
government spending is above what it was before the recession. business investment, that area is what continues to lag. in your view, do you think raising taxes on the two marginal rates as well as capital gains dividends, does that encourage more business investment in the economy? >> the threat of those increases is a very big negative. mr. brady, one of the things economists use when they teach graduate classes is something called the handbook of public economics. you had to study...
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Dec 9, 2012
12/12
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>> this will be run by the government. what additional tools can we bring to the governor's to provide additional resources and what can we do to support small businesses? >> at the very end, use of the budget request for what we think is boy to be needed, as we look at the numbers coming members of the requests, is a possible that some of what will make the number lower is they will not be able to rebuild? >> that's exactly what i was saying. particularly in the fema programs, it is a unique funding source. those bonds do not expire. we get a preparations annually in for the disasters that we have had a and we make sure we have bonds available to respond to the next disaster. it is not just about spending this much raw in this disaster this year, but it is also keeping the standards. when congress fully funded that, it was also to provide the faunas out for something like this. but you have to be ready to go. our annual appropriation does not only the total figure for a disaster. it is what we expect it to the extent and
>> this will be run by the government. what additional tools can we bring to the governor's to provide additional resources and what can we do to support small businesses? >> at the very end, use of the budget request for what we think is boy to be needed, as we look at the numbers coming members of the requests, is a possible that some of what will make the number lower is they will not be able to rebuild? >> that's exactly what i was saying. particularly in the fema...
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Dec 10, 2012
12/12
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the more you think about government, led government can and should focus on our things in their control and that can get done. a lot of what creates innovation is outside of government control even though it is important to get done. the most important thing right now is that government has 100% of
the more you think about government, led government can and should focus on our things in their control and that can get done. a lot of what creates innovation is outside of government control even though it is important to get done. the most important thing right now is that government has 100% of
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Dec 7, 2012
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tanner, who is better at running these programs, the state governments or federal governments? guest: states have very different economic climates. what is going on the dakotas right now, they're not even eligible for this emergency unemployment extended benefits, versus new york, which has the highest level of weeks allowed right now because of their differing unemployment rates. guest: it is administered by states. i think a lot of the state programs are too restrictive in their eligibility and have to look capps. there are some important steps forward in the american recovery act -- too low caps. there are some important steps forward and the american recovery act. i do not see a lot of prospects for much greater federal involvement any time soon. host: mableton, illinois on the line for independents. caller: i want to direct this to mr. tanner. i have never been in debt. i have a retirement, have a very nice pension from the state of california bar when i was a state police officer. -- for when i was a state police officer. we're not putting enough emphasis on what has happ
tanner, who is better at running these programs, the state governments or federal governments? guest: states have very different economic climates. what is going on the dakotas right now, they're not even eligible for this emergency unemployment extended benefits, versus new york, which has the highest level of weeks allowed right now because of their differing unemployment rates. guest: it is administered by states. i think a lot of the state programs are too restrictive in their eligibility...